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Fed Vice Chair Explains Why The Fed Is Still Obsessing With Negative Interest Rates
Fed Vice Chair Explains Why The Fed Is Still Obsessing With Negative Interest Rates Two months ago, and roughly 6 weeks before the Fed’s first rate hike in 9 years, Janet Yellen warned that if the “outlook worsened, the fed might weight negative rates” adding that “negative rates could help encourage banks to lend.” Moments ago, in […]
The Incredible Shrinking Benefits Of Massive Japanese Money Printing
The Incredible Shrinking Benefits Of Massive Japanese Money Printing Excerpted from JPMorgan CIO Michael Cembalest 2016 Outlook, Something is wrong with this picture. In the US and Japan, corporate profits sank during the global financial crisis. In the US, the profit recovery was accompanied by a recovery in household income. In Japan, however, corporate profits […]
The Mystery Of Dubai’s Vaporized Gold: The Plot Thickens
The Mystery Of Dubai’s Vaporized Gold: The Plot Thickens Earlier this week, we told a fascinating story about an unprecedented, multi-year smuggling ring involving Turkey, Iran, and Dubai (as well as China, Russia and countless other nations) which saw corruption reaching to the very top of the political and financial establishment: from president Erdogan in Turkey, to […]
Chinese State Firms’ Debt Hits New All Time High, As Profits Tumble
Chinese State Firms’ Debt Hits New All Time High, As Profits Tumble Overnight China’s finance ministry reported the latest data on state-owned firms profitability. At a cumulative CNY 2.04 trillion (or $316 billion) for the January-November period, this was another nearly double digit decline, or -9.5% from the year ago period, following a -9.8% drop for the […]
Ukraine “Crooks” Default On $3 Billion Bond To Putin
Ukraine “Crooks” Default On $3 Billion Bond To Putin Back in August, Ukraine struck a restructuring agreement on some $18 billion in Eurobonds with a group of creditors headed by Franklin Templeton. Under the terms of the deal, Kiev should save around $4 billion once everything is said and done. That was the good news. […]
This Is What Happened The Last Time The Fed Hiked While The U.S. Was In Recession
This Is What Happened The Last Time The Fed Hiked While The U.S. Was In Recession Back on June 17, Bank of America started its 66-day countdown to the moment it was convinced the Fed would hike rates, September 17, 2015. We, correctly, said that “we disagree entirely” with BofA’s conclusion that the Fed would hike rates, and […]
Venezuela Default Countdown Begins: After Selling Billions In Gold, Caracas Raids $467 Million In IMF Reserves
Venezuela Default Countdown Begins: After Selling Billions In Gold, Caracas Raids $467 Million In IMF Reserves In late October, when describing Venezuela’s desperate steps to keep itself afloat for a few more months, we reported that in order to fund $3.5 billion bond payments in early November, Maduro’s government had engaged in something that is the very […]
Forget China: This Extremely “Developed” Country Just Suffered Its Biggest Money Outflow Ever
Forget China: This Extremely “Developed” Country Just Suffered Its Biggest Money Outflow Ever While understandably all eyes have been fixed on every monthly capital outflow update from China (even the ones that the Politburo is clearly massaging), few have noticed that one of the biggest total outflows currently in the global developed economy is taking place right in America’s own […]
Sweden Launches MOAR QE, As Krugman Paradise Quadruples Down After Dovish Draghi
Sweden Launches MOAR QE, As Krugman Paradise Quadruples Down After Dovish Draghi Over the last six months, we’ve documented Sweden’s descent into the Keynesian Twilight Zone in great detail. Once upon a time, the Riksbank actually tried to raise rates, only to be lambasted by a furious Paul Krugman who accused the central bank of […]
Treasury Warns Of “Humanitarian Crisis” In Puerto Rico If Congress Does Not Agree To Bailout
Treasury Warns Of “Humanitarian Crisis” In Puerto Rico If Congress Does Not Agree To Bailout “Puerto Rico is not Greece“… but it increasingly looks like it will be in a few weeks, thanks to US taxpayers who are about to foot the bill for yet another creditor bailout. As we reported last night, creditors of the […]
The World Hits Its Credit Limit, And The Debt Market Is Starting To Realize That
The World Hits Its Credit Limit, And The Debt Market Is Starting To Realize That One month ago, when looking at the dramatic change in the market landscape when the first cracks in the central planning facade became evident and it appeared that central banks are in the process of rapidly losing credibility, and the […]
“We Should Have Known Something Was Wrong”
“We Should Have Known Something Was Wrong” Remember when stuff such as the following was written exclusively on “conspiracy” tin-foil blogs by deranged lunatics who could not appreciate the brilliance of the neo-Keynesian system and central-planning by academics, in all its glory? Good times. Here is Bank of America’s Athanasios Vamvakidis channeling Tyler Durden circa […]
Chinese Cash Flow Shocker: More Than Half Of Commodity Companies Can’t Pay The Interest On Their Debt
Chinese Cash Flow Shocker: More Than Half Of Commodity Companies Can’t Pay The Interest On Their Debt Earlier today, Macquarie released a must-read report titled “Further deterioration in China’s corporate debt coverage”, in which the Australian bank looks at the Chinese corporate debt bubble (a topic familiar to our readers since 2012) however not in terms […]
